Interfirst Mortgage, which recently raised $ 175 million, plans to permanently lay off 77 employees at its Charlotte, North Carolina office, including 49 retail loan officers and 10 National Account Executives.
While the Rosemont, Illinois-based company didn't respond to a request for comment, a LinkedIn post posted at least a week ago by a former employee at the headquarters said Interfirst laid off hundreds of employees at that location. Several former employees of this office have also reported their own layoffs in this office.
For 2022, industry economists expect excess capacities to return, as the forecast increase in purchasing volume will not be sufficient to offset the possible decline in refinancing. This is expected to result in a large downsizing in the mortgage business.
The Charlotte office is licensed to operate in 23 states and the District of Columbia. It is one of seven offices licensed to Chicago Mortgage Solutions under the Nationwide Multistate Licensing System & Registry; Interfirst is a "doing business as" name for the company.
In addition to the salespeople who will lose their jobs on or about January 21, 2022, seven retail sales managers, seven transaction coordinators, two wholesale development trainers, a regional manager and a regional sales manager for wholesale loans will be laid off. The information comes from a letter of the Employee Adaptation and Retraining Act dated Nov. 16, sent to the North Carolina Division of Workforce Solutions. The department's website stated that the layoffs were not due to the closure of the office.
The current version of Interfirst was created in 2011 when NetMore America merged its operations into InterBank Mortgage. The company bought the brand name Interfirst from Citigroup in 2014; Citi had acquired the brand when it acquired the parent company of the original InterFirst, ABN Amro Mortgage, in 2007.
In July 2017, Interfirst ceased operations for almost three years, citing the oversaturation of the market and an overvaluation of pricing for both loans and service rights on the secondary market.
In June 2020, the company resumed lending to take advantage of the low interest rate environment created by the pandemic. In October, Interfirst received a $ 175 million investment from a StoicLane-led group that also included Oaktree Capital Management and MFA Financial.
Around the same time, Interfirst hired Tony Santangelo as vice president of regional wholesale manufacturing for the east coast of North Carolina.